Short answer
UnitedHealth Group (UNH) filed its fiscal 2025 10-K annual report with the SEC on Mar 2, 2026. It reported revenue of $447.6B (+11.8% year over year) and net income of $12.1B.
- Top risk flagged: Change Healthcare cyberattack (2024) exposed protected health information/PII; recently acquired non-integrated systems flagged as heightened ongoing vulnerability
FY2025 key financial metrics · XBRL
- Revenue
- $447.6B
- +11.8% YoY
- Net income
- $12.1B
- −16.3% YoY
- Operating margin
- 4.2%
- −3.8 pp YoY
- EPS (diluted)
- $13.23
- −14.7% YoY
- ROE
- 12.0%
- −2.6 pp YoY
- Operating cash flow
- $19.7B
- −18.6% YoY
Source: XBRL data from the UnitedHealth Group (UNH) FY2025 10-K on SEC EDGAR. USD.
UnitedHealth Group FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Dual-segment model: UnitedHealthcare (health benefits) + Optum (health services/tech), serving payers, providers, patients, and governments
- Major leadership overhaul: new CEO (Hemsley, May 2025), CFO (DeVeydt, Sept 2025), UHC CEO (Noel, Jan 2025), and Optum CEO (Conway, May 2025); near-complete C-suite reset
- CMS premium revenue = 44% of total consolidated revenues, dominated by UnitedHealthcare Medicare & Retirement's 8.4M Medicare Advantage members
- Optum Rx managed $188B in pharmaceutical spending in 2025, including ~$87B in specialty pharma, across ~64,000 retail pharmacies
- Optum Insight backlog declined to $31.1B from $32.8B YoY; Jan 2026 realignment moved Optum Financial (~26M accounts, $27B AUM) from Optum Health into Optum Insight
Management Discussion & Analysis
- Revenue $447.6B, up 12% YoY ($47.3B increase); UnitedHealthcare +16% to $344.9B; Optum +7% to $270.6B
- Operating margin collapsed to 4.2% vs 8.1% prior year; MCR deteriorated to 89.1% vs 85.5%; net earnings margin 2.7% vs 3.6%
- Best segment: Optum Rx revenue +$21.5B to $154.7B, operating margin 4.6% vs 4.4%; worst: Optum Health swung to -0.3% operating margin from +7.4%, losing $278M vs earning $7.8B
- Operating cash flow $19.7B vs $24.2B; capex $3.6B; dividends $7.9B; buybacks $5.5B vs $9.0B prior year
- Management expects Medicare Advantage and Medicaid membership contraction in 2026; 2027 Medicare Advantage rate notice "far below" medical cost trend; $2.5B restructuring charge signals significant ongoing cost pressure
Risk Factors
- Change Healthcare cyberattack (2024) exposed protected health information/PII; recently acquired non-integrated systems flagged as heightened ongoing vulnerability
- Goodwill and intangible assets $131B = 42% of total consolidated assets; impairment risk if acquired businesses underperform assumptions
- Medicare Advantage benchmark cuts by CMS ongoing; star ratings below 4 stars disqualify plans from quality bonus payments affecting benefits competitiveness
- FTC/DOJ antitrust enforcement actions previously brought against UHG; explicitly cited as barrier to completing future strategic acquisitions
- Premium revenues from risk-based products ~80% of total consolidated revenues; small utilization rate variances cause material financial swings
Generated from the filing text; verify against the original. How to read a 10-K
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